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reduced its work force by about 40% in a restructuring move to streamline operations.

The Internet mailing and shipping services provider said the layoffs affect 240 workers and include full-time, part-time and contract employees across all locations.

Earlier this month, the company said John Payne resigned as chairman and CEO. The company's chief financial officer and comptroller had already left the company to pursue other interests.

Shares of were recently up 13 cents, or 4.7%, to $2.81 in early trading on the